6. Near the end of 2015, Wilson Co. made the following purchases. The months involved in all cases areDecember 2020 and January 2021.DateDateDateDateGoodsInvoiceGoodsInvoiceAmount FOB$1,575 DestinationShipped12/29Mailed1/2Rec'd1/5Rec'd1/42,430 Shipping Point1,890 Shipping Point2,700 Destination1/212/291/412/3012/2812/291/212/271/31/412/281/2What amount of the above purchases should be included in inventory at December 31, 2020?a. $1,575b. $1,890c. $4,320d. $4,575

Under FOB shipping point, the buyer becomes the owner as the goods are reached to shipping point.…

Near the end of 2015, Wilson Co. made the following purchases. The months involved in all cases are December 2020 and January 2021. 6. Date Date Date Date Goods Invoice Goods Invoice Amount FOB $1,575 Destination 2,430 Shipping Point 1,890 Shipping Point 2,700 Destination Shipped 12/29 Mailed 1/2 Rec'd 1/5 1/4 Rec'd 1/4 1/2 12/29 12/30 12/28 1/2 1/3 1/2 1/4 12/29 12/27 12/28 What amount of the above purchases should be included in inventory at December 31, 2020? a. $1,575 b. $1,890 c. $4,320 d. $4,575

Near the end of 2015, Wilson Co. made the following purchases. The months involved in all cases are December 2020 and January 2021. 6. Date Date Date Date Goods Invoice Goods Invoice Amount FOB $1,575 Destination 2,430 Shipping Point 1,890 Shipping Point 2,700 Destination Shipped 12/29 Mailed 1/2 Rec'd 1/5 1/4 Rec'd 1/4 1/2 12/29 12/30 12/28 1/2 1/3 1/2 1/4 12/29 12/27 12/28 What amount of the above purchases should be included in inventory at December 31, 2020? a. $1,575 b. $1,890 c. $4,320 d. $4,575

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question

6. Near the end of 2015, Wilson Co. made the following purchases. The months involved in all cases are
December 2020 and January 2021.
Date
Date
Date
Date
Goods
Invoice
Goods
Invoice
Amount FOB
$1,575 Destination
Shipped
12/29
Mailed
1/2
Rec'd
1/5
Rec'd
1/4
2,430 Shipping Point
1,890 Shipping Point
2,700 Destination
1/2
12/29
1/4
12/30
12/28
12/29
1/2
12/27
1/3
1/4
12/28
1/2
What amount of the above purchases should be included in inventory at December 31, 2020?
a. $1,575
b. $1,890
c. $4,320
d. $4,575

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